A Massachusetts-based lawyer, who was suspended for defrauding 10 mortgage lenders of more than $10.6 million, has been sentenced to 12 years in prison.
Eric L. Levine was convicted for conspiracy, wire fraud and money laundering last year. He was sentenced last Thursday.
Levine is part of 11-member group which submitted false information on mortgage loan applications from May 2005 to December 2006.
According to the prosecutors, the group recruited straw home buyers and obtained loans higher than the purchase prices of the properties. The group then pocketed the difference between the actual purchase price and the loan amount.
The group, which fraudulently bought and sold 21 properties, including those in South Boston, Quincy, Dorchester, Jamaica Plain, Cohasset and Hyde Park, reportedly made at least $1.7 million through this scheme.
Besides Levine, four other defendants, including another attorney, J. Daniel Lindley, have been convicted, five other have pleaded guilty and one is awaiting trial.